MT. LAUREL, N.J., Sept. 1, 2005 -- PRICE Systems, world leader in providing independent cost estimating solutions, is assisting the Department of Defense and the Internal Revenue Service with their validation of cost, schedule and performance of their IT programs. PRICE Systems' IT Project Validation services are helping Government Agencies respond to the Office of Management and Budget's mandate.

According to the recent mandate from OMB's Office of Electronic Government and Information Technology (OEGIT), Government agencies are now required to perform an independent validation of cost, schedule, and performance goals for all new major IT projects; ongoing major IT developmental projects; and high risk projects to better ensure improved execution and performance, as well as promote more effective oversight.

According to the OEGIT, agency programs must:

1. For all new major IT projects, before beginning development, ensure cost, schedule, and performance goals are independently validated for reasonableness.

2. For all ongoing major IT projects with development efforts (DME), before obligating FY 2006 funds, begin independently validating for reasonableness, current cost, schedule, and performance baselines, taking corrective actions as necessary. Independent validations should be completed by March 31, 2006. If proposed corrective actions include re-baselining (changing the performance measurement baseline-planned scope of work, schedule, budgeted costs, or all three), the proposal must be approved by OMB.

"Now more than ever, Government Agencies need to be armed with credible cost, schedule and performance justifications," said PRICE Systems President & CEO Anthony DeMarco. "It is important for Agencies to perform an independent validation of their programs. An independent validation means that a non-advocate party reviews, challenges, and renders an independent opinion of the program's bases of estimates for performance, cost, schedule and risks."

PRICE Systems IT project validation services combine cost estimating models with a non-advocate team of subject matter experts to assess the program's most risky deliverables. By utilizing these services, Agencies will be able to justify their IT projects before the March 2006 deadline.

Today, PRICE Systems is helping organizations such as the Department of Defense's Standard Procurement System (SPS), the Internal Revenue Service (IRS), and Credit Agricole (commercial banking) in developing independent cost estimates and validations of budget and performance

"Our IT project validation services help Agency management and program offices make more informed decisions to keep programs healthy and adequately funded, leading to program success," states DeMarco.

About PRICE Systems

PRICE Systems, world leader in providing independent cost estimating solutions, enables government agencies, defense programs and commercial organizations to successfully select, control and deliver large-scale, complex and high-visibility projects. The company offers cost estimating, cost analysis and knowledge capture tools, combined with expert consulting in cost estimating, and project control methods and best practices, to help customers better control costs and schedules throughout a project's lifecycle, ensuring program affordability. Established in 1975 with offices in the United States, Europe and Asia-Pacific, PRICE Systems serves more than 250 customers worldwide. More than 10,000 project professionals have been trained in the company's cost estimating and analysis methodologies.

Web Site: http://www.pricesystems.com